World Economy

Gold Gains on Flat Dollar

Gold Gains on Flat DollarGold Gains on Flat Dollar

Gold edged up on Tuesday in response to a flat dollar and slightly firmer oil prices, but the metal is heading for its third consecutive year of losses on prospects of rising US interest rates, Reuters reported. Gold is likely to end 2015 down nearly 10%, mostly due to expectations that higher US interest rates will hit demand for the non-interest-paying metal. Spot gold rose 0.2% to $1,070.50 an ounce after losing 0.6% in the previous session. The dollar was 0.1% up against a basket of leading currencies, ahead of US house price and consumer confidence data.